Growth and Emergence of the Atlantic Economy

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First, the pressures that the growing economy put on cottage workers necessitated the advances that were manifested in the industrial revolution.

I don't know if this is a more accurate representation of me or the cottage industries under the stress of the rapidly growing atlantic economy

• Were the colonies and the Atlantic economy detrimental or beneficial to the cottage workers?
• They were beneficial to industry in general because they provided a new, widened market.
• “More work means more money” -Mr. Yarnall
• They were detrimental to cottage workers specifically because this great demand lead to the development of factories to meet the demand (industrial Revolution).
• The higher demands and growth of industry also led to more jobs.
  
  
• The Navigation Acts: first established by Cromwell 1651, these acts required that goods imported from Europe into England be transported on British ships manned by British crews.
  The Navigation acts were also:
• (1) a monopoly on trading with British colonies which ensured material and market, thus supporting the mercantilist theory
• (2) a form of economic warfare against the Dutch who, like the English, were at the forefront of industrial changes
  
  

  

  England when it came to land in the America

  
  
  
• Mercantilism
• Note the difference between English mercantilism and mercantilism in the rest of Europe: in England, people thought that government economic relations should serve both private and public interests, while in the rest of Europe mercantilism was only intended to serve public interest.
• Was mercantilism necessary?
• Nope, but it helped Britain retain its monopoly over the colonies and leading position in Europe.
• Mercantilism limited the colonies and prevented them from ever going to college and becoming independent and growing big enough, smart enough, and independent enough to revolt.
• Mercantilism also limited England as it created enemies: who ever wanted to trade their webkinz the class bully? Yet, the class bully had the limited edition webkinz (aka major products/wool trade) that everyone wanted.
  

  

  England the Bully

  
  
• Clearly, England’s priority was expansion abroad and maintenance of their dominance in Europe and their monopoly on trade. Plus, no matter how annoyed European countries became with England, and even if they enacted embargos against England, England still had America as a guaranteed trading partner.
  
  

  

  England was establishing its dominance

  
  
  
• In England, the growth of the Atlantic economy meant (1) increased markets and (2) sources for raw materials.
  
  
  
• The mercantilist theory is a zero sum game, meaning in the world there exists a lovely pie that everyone wants a slice of, but the pie will never become larger, so in order for country A to expand its trade, country B’s trade must logically decline.
• 

  (free traders, on the other hand, believe that by increasing trade, there’s more money to go around and the size of the pie will continue to increase exponentially)
  

  
  
  ....along the similar lines was the distribution of power in Europe....someone couldn't become super powerful without someone else becoming incredible weak...
  
  
• War of Spanish Succession: started when Louis XIV said he would take the Spanish crown from his grandson to whom it was willed. Then, other countries ganged up against him to prevent the upset in the balance of power that the union of French and Spanish crowns would cause.

  The War of Spanish succession also caused France to cede Newfoundland, Nova Scotia, and Hudson Bay territories to Britain.

  
  

  

  thanks Cory

  
  
• France and England were rivals for overseas possession, but not on the industrial front...why?
• Because of France’s inherent economic difficulties, its tax revenues were never enough, so it was always taking out loans abroad. Thus, The French were in perpetual debt service and did not have the means to invest in industry, like the English. This in turn crowded out the private industry that thrived in England.
• ...Also...France spent its money on war, fancy courts, and government and was far behind England in terms of government and organization. While England was the role model of governance, France had a major revolution in its future.
• Spain experienced a similar spending problem which was detailed in Don Quixote and the idea that the Spanish were living in a dream world.
• Life in America for the British was great because: 
  The abundance of almost free land caused a rapid increase in the colonial population in the 18th Century, which caused major agricultural development, and one the highest standards of living in the world at the time.
  Also, you could farm on your own terms, keep most of what you produced, the land was cheap, and the enormous demand for labor led to the development of slavery (the one not-great thing in this list).

  American colonies became so dependent on slaves that in 1790 they composed 20% of colonies' population.

  
  
  Triangle Trade was the trade between Africa, the Americas, and Europe via the middle passage.
  

  
  

  
  
  
  

America contributed raw materials

England contributed manufactured goods

Africa contributed Slaves and some raw materials

Look at this for next class:

Location/Purpose of North American Colonies

France	Spain	England
-Canada, penetrated into Louisiana. -Fur traders→ goal was primarily economic development, set up trading posts.	-Down south “fountain of youth in FL” and on the West Coast. -Missionaries/conquistadores→ After the God and Gold, set up major forts like Saint Augustine (FL).	-Eastern seaboard -Colonists→ GB wanted to created an overseas empire. Dealt with overpopulation, aimed of colonists included God and Gold, established permanent colonies.

me when I finished/Millie when she got into Villanova, congrats girl!